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Financial Liberalization Development And Fragility
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Book Synopsis Financial Liberalization and Financial Fragility by : Asli Demirgüç-Kunt
Download or read book Financial Liberalization and Financial Fragility written by Asli Demirgüç-Kunt and published by World Bank Publications. This book was released on 1998-06-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of 53 countries during 1980-95 finds that financial liberalization increases the probability of a banking crisis, but less so where the institutional environment is strong. In particular, respect for the rule of law, a low level of corruption, and good contract enforcement are relevant institutional characteristics. the data also show that, after liberalization, financially repressed countries tend to have improved financial development even if they experience a banking crisis. This is not true for financially restrained countries. This paper’s results support a cautious approach to financial liberalization where institutions are weak, even if macroeconomic stabilization has been achieved.
Book Synopsis Boom-bust Cycles and Financial Liberalization by : Aaron Tornell
Download or read book Boom-bust Cycles and Financial Liberalization written by Aaron Tornell and published by MIT Press. This book was released on 2005 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analysis and evidence of how the factors that give rise to boom-bust cycles in fast-growing developing economies also enhance long-run growth. The volatility that has hit many middle-income countries (MICs) after liberalizing their financial markets has prompted critics to call for new policies to stabilize these boom-bust cycles. But, as Aaron Tornell and Frank Westermann point out in this book, over the last two decades most of the developing countries that have experienced lending booms and busts have also exhibited the fastest growth among MICs. Countries with more stable credit growth, by contrast, have exhibited, on average, lower growth rates. Factors that contribute to financial fragility thus appear, paradoxically, to be a source of long-run growth as well. Tornell and Westermann analyze boom-bust cycles in the developing world and discuss how these cycles are generated by credit market imperfections. They explain why the financial liberalization that allows countries to overcome imperfections impeding rapid growth also generates the financial fragility that leads to greater volatility and occasional crises. The conceptual framework they present illustrates this linkage and allows Tornell and Westermann to address normative questions regarding liberalization policies.The authors also characterize key macroeconomic regularities observed across MICs, showing that credit markets play a key role not only in boom-bust episodes but in the strong "credit channel" observed during tranquil times. A theoretical framework is then presented that explains how credit market imperfections can account for these empirical patterns. Finally, Tornell and Westermann provide microeconomic evidence on the credit market imperfections that drive the results of the theoretical framework, finding that asymmetries between tradables and nontradables are key to understanding the patterns in MIC data.
Book Synopsis Financial Liberalization, Development and Fragility by : Louis N. Chete
Download or read book Financial Liberalization, Development and Fragility written by Louis N. Chete and published by . This book was released on 2002 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Liberalization and Financial Fragility by : Asli Demirgüç-Kunt
Download or read book Financial Liberalization and Financial Fragility written by Asli Demirgüç-Kunt and published by . This book was released on 2006 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of 53 countries during 1980-95 finds that financial liberalization increases the probability of a banking crisis, but less so where the institutional environment is strong. In particular, respect for the rule of law, a low level of corruption, and good contract enforcement are relevant institutional characteristics. The data also show that, after liberalization, financially repressed countries tend to have improved financial development even if they experience a banking crisis. This is not true for financially restrained countries. This paper`s results support a cautious approach to financial liberalization where institutions are weak, even if macroeconomic stabilization has been achieved.
Book Synopsis Financial Development, Financial Fragility, and Growth by : Norman Loayza
Download or read book Financial Development, Financial Fragility, and Growth written by Norman Loayza and published by International Monetary Fund. This book was released on 2005-08 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the apparent contradictions between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private domestic credit and liquid liabilities. On the other hand, the banking and currency crisis literature finds that monetary aggregates, such as domestic credit, are among the best predictors of crises and their related economic downturns. This paper accounts for these contrasting effects based on the distinction between the short- and long-run effects of financial intermediation.
Book Synopsis Liberalization, Financial Instability and Economic Development by : Yılmaz Akyüz
Download or read book Liberalization, Financial Instability and Economic Development written by Yılmaz Akyüz and published by Anthem Press. This book was released on 2014-05-01 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: Weighing up the costs and benefits of economic interdependence in a finance-driven world, this book argues that globalization, understood and promoted as absolute freedom for all forms of capital, has been oversold to the Global South, and that the South should be as selective about globalization as the North. ‘Liberalization, Financial Instability and Economic Development’ challenges the orthodoxy on the link between financial deepening and economic growth, as well as that between the efficiency of financial markets and the benefits of liberalization. Ultimately, the author urges developing countries to control capital flows and asset bubbles, preventing financial fragility and crises, and recommends regional policy options for managing capital flows and exchange rates.
Book Synopsis Financial Fragility and Economic Performance in Developing Economies by : Mr.Marco Rossi
Download or read book Financial Fragility and Economic Performance in Developing Economies written by Mr.Marco Rossi and published by International Monetary Fund. This book was released on 1999-05-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Little empirical investigation exists of the links among capital account liberalization, prudential regulation and supervision, financial crises, and economic development, mainly because of the lack of comparable measures to describe regulatory practices for different countries. This paper examines empirically, albeit in a preliminary manner, these links using new measures of capital controls, prudential regulation, supervision, and depositors’ safety for a sample of 15 developing economies over the period 1990–97. Results confirm the importance of the degree of capital account convertibility and the regulatory and supervisory framework in affecting financial fragility and economic performance.
Book Synopsis Financial Fragility, Debt and Economic Reforms by : Sunanda Sen
Download or read book Financial Fragility, Debt and Economic Reforms written by Sunanda Sen and published by Springer. This book was released on 2016-07-27 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: The present volume articulates a state of concern with the destabilising and the growth retarding effects of current world finance relations. Emphasis laid in this volume on finance is justified, not only in terms of its dominance over real activities in the world economy but also with its influence on the pace of economic reforms in the debt-ridden countries. A large number of essays in this volume deals with the recent pattern of capital flows in the world economy. The latter has been of a high priority in the agenda for research in economics in recent times, especially with tendencies for financial fragility in the major financial markets and the enforcing of the structural adjustment programmes in the developing countries as a part of loan conditionalities. The volume provides a rich analysis of contemporary international finance relations, with individual chapters contributed by reputed economists who have made significant contributions to the literature.
Book Synopsis Decomposing the Effects of Financial Liberalization by : Romain Ranciere
Download or read book Decomposing the Effects of Financial Liberalization written by Romain Ranciere and published by . This book was released on 2006 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present a new empirical decomposition of the effects of financial liberalization on economic growth and on the incidence of crises. Our empirical estimates show that the direct effect of financial liberalization on growth by far outweighs the indirect effect via a higher propensity to crisis. We also discuss several models of financial liberalization and growth whose predictions are consistent with our empirical findings.
Book Synopsis The Positive Link Between Financial Liberalization Growth and Crises by : Aaron Tornell
Download or read book The Positive Link Between Financial Liberalization Growth and Crises written by Aaron Tornell and published by . This book was released on 2004 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: "There is no agreement regarding the growth-enhancing effects of financial liberalization, mainly because it is associated with risky international bank flows, lending booms, and crises. In this paper we make the case for liberalization despite the occurrence of crises. We show that in developing countries trade liberalization has typically been followed by financial liberalization, which has indeed led to financial fragility and a greater incidence of crises. However, financial liberalization also has led to higher GDP growth. In fact, the fastest-growing countries are typically those that have experienced boom-bust cycles. That is, there is a positive link between GDP growth and the bumpiness of credit, which is captured by the negative skewness --not by the variance-- of credit growth. To substantiate our interpretation of the data we present a model that shows why in countries with severe credit market imperfections, liberalization leads to higher growth and, as a byproduct, to financial fragility. Thus, occasional crises need not forestall growth and may even be a necessary component of a developing country's growth experience. Finally, our analysis indicates that foreign direct investment does not obviate the need for risky international bank flows, as the latter are the only source of financing for most firms in the nontradables sector"--NBER website
Book Synopsis Financial Sector Reform by : N. Mathieu
Download or read book Financial Sector Reform written by N. Mathieu and published by World Bank Publications. This book was released on 1998 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Soon after its declaration of independence, Lithuania launched a program of market-based economic reforms that achieved remarkable results. However, a banking crisis erupted in January 1996, driven by a combination of ineffective bank supervision, poor bank practices, and deep-rooted sectoral imbalances. With financial support from the World Bank, Lithuanian authorities embarked on a broad economic reform program with two immediate objectives: the resolution of the banking system's operational and undercapitalization problems, and a reduction in the most severe imbalances in the economy. Volume I (see ordering information below) distills findings and conclusions and builds a policy action plan for fast stable growth. Volume II contains a collection of twelve policy notes that provide the technical analysis behind that plan. Also available: Volume II/Analytical Backgroung(ISBN 0-8213-4327-0) Stock no. 14327.
Book Synopsis Financial Crises in Emerging Markets by : Reuven Glick
Download or read book Financial Crises in Emerging Markets written by Reuven Glick and published by Cambridge University Press. This book was released on 2001-04-23 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume analyze causes of financial crises in emerging markets and different policy responses.
Book Synopsis Financial Liberalisation by : Philip Arestis
Download or read book Financial Liberalisation written by Philip Arestis and published by Springer. This book was released on 2016-11-26 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the thirteenth volume in the International Papers in Political Economy (IPPE) series which explores the latest developments in political economy. A collection of eight papers, the book concentrates on the deregulation of domestic financial markets and discusses financial liberalisation in terms of its past performance, current progress and future developments. The chapters have been written by expert contributors in the field and focus on topics such as past records of financial liberalisation, future policies of regulation, and current account imbalances. Other papers examine capital account regulations in developing and emerging countries, and capital controls in the Eurozone after the 2007 financial crisis. This collection of papers invites readers to consider the impact of financial liberalisation both during and after the global economic crisis. Scholars and students with an interest in political economy, financialisation, and economic performance will find this collection stimulating and informative.
Book Synopsis Short-Run Pain, Long-Run Gain by : Mr.Sergio L. Schmukler
Download or read book Short-Run Pain, Long-Run Gain written by Mr.Sergio L. Schmukler and published by International Monetary Fund. This book was released on 2003-02-01 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economies since 1973. We also construct an algorithm to identify booms and busts in stock market prices. Our results indicate that financial liberalization is followed by more pronounced boom-bust cycles in the short run. However, financial liberalization leads to more stable markets in the long run. Finally, we analyze the sequencing of liberalization and institutional reforms to understand the contrasting short- and long-run effects of liberalization.
Author :John Williamson Publisher :Princeton University International Finance Section, Department of Econmics ISBN 13 : Total Pages :86 pages Book Rating :4.F/5 ( download)
Book Synopsis A Survey of Financial Liberalization by : John Williamson
Download or read book A Survey of Financial Liberalization written by John Williamson and published by Princeton University International Finance Section, Department of Econmics. This book was released on 1998 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Liberalization by : P. Arestis
Download or read book Financial Liberalization written by P. Arestis and published by Springer. This book was released on 2005-09-08 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial liberalization thesis emerged in the 1970s and has been of considerable importance ever since, not merely in terms of its theoretical influence but, perhaps more importantly, in terms of its impact on policy makers and policy debates. Although it has encountered increasing scepticism over the years, it nevertheless had a relatively early impact on development policy, which still continues unabated, through the work of the IMF and the World Bank. The latter two institutions, perhaps in their traditional role as promoters of what were claimed to be free market conditions, were keen to encourage financial liberalization policies as part of more general reforms or stabilization programmes. This book explores what we have learned from the vast experience of the theoretical and policy aspects of the financial liberalization.
Book Synopsis Financial Liberalization, Credit Market Imperfections and Financial System Stability by : Tim Niepel
Download or read book Financial Liberalization, Credit Market Imperfections and Financial System Stability written by Tim Niepel and published by GRIN Verlag. This book was released on 2015-06-03 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2013 in the subject Business economics - Investment and Finance, grade: 1,5, Utrecht University (Utrecht School of Economics), language: English, abstract: Financial liberalization stimulates competition and thereby supposedly increases the efficiency of investment. A simple credit market model is developed to show that such efficiency improvements may be disturbed by competition-induced incentives for banks to accept higher default rates, which result in instability of the financial system. Thereby we offer a complementary explanation to the relationship between competition and stability in financial markets. Consequently we argue that government intervention, in the form of intelligent regulation, is necessary to ensure the development of sustainable financial markets.
